32 Gladstone St · Buffalo, NY 14207

$184,900

6 bd · 2.0 ba · 2,288 sqft · MultiFamily public records · 72 Days on market

Built 1900 3,565 sqft lot $81/sqft · 34% below area Est $279k · 34% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.9/5.0
• Schools +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Welcome to 32 Gladstone. 3/3 well maintained double. Maintenance free siding. 3rd Bedroom in lower is a walk through. Potential to bring in great rental income or great as an owner occupied home.

Key facts

• Great rental income
• 3,565 sq ft lot
• 2 parking spots

Tags

• MAINTENANCE FREE SIDING
• GREAT RENTAL INCOME

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $185k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $185k).
• Recommended offer: $174k (6.0% below list) — sets the bar for market timing.
• Cap rate 22.8% vs local median 8.0% in Buffalo — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 77/100 on livability (#195 in NY, #3,011 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, employment D-.
• Buffalo City School District (urban): math 41% / reading 40% proficiency, ranked #535 of 590 in NY (top 91%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.2%/yr); 197 active listings in the ZIP; lower-income renter base — watch delinquency; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).
• At $4,595/mo this rent would consume 139% of the median local household income ($40k/yr) (locally 2177% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $52k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $19k; list at $185k implies a 873% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $173,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.49% ✓
• Cap rate: 22.84%
• Cash-on-cash: 59.10%
• DSCR: 3.63
• GRM: 3.4

CMA / ARV

• ARV (median comp): $279,453
• List price: $184,900
• Delta: -33.83%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
43 Sunset St	0.53mi	6/2.0	2,271 (-1%)	1mo	$165,000	$73	73
172 Austin St	0.57mi	6/2.0	2,300 (+0%)	2mo	$165,001	$72	71
41 Page St	0.48mi	5/2.0 (-1)	2,274 (-1%)	4mo	$230,000	$101	69
75 Saint Florian St	0.45mi	6/2.0	2,338 (+2%)	10mo	$160,000	$68	68
908 Tonawanda St	0.72mi	6/2.0	2,332 (+2%)	2mo	$145,000	$62	61
202 Grote St	0.60mi	6/2.0	2,200 (-4%)	5mo	$219,750	$100	61
129 Philadelphia St	0.68mi	6/2.0	2,292 (+0%)	9mo	$250,000	$109	60
5 Humphrey Rd	0.50mi	6/2.0	2,112 (-8%)	5mo	$230,648	$109	60
263 Chandler St	0.69mi	5/2.0 (-1)	2,254 (-2%)	2mo	$195,000	$87	58
55 Briggs Ave	0.66mi	6/2.0	2,402 (+5%)	9mo	$115,000	$48	53
20 Garfield St	0.65mi	6/2.0	2,120 (-7%)	6mo	$130,000	$61	53
77 Clay St	0.51mi	6/2.0	1,964 (-14%)	3mo	$73,500	$37	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 63.1%
• Equity multiple: 4.03×
• Total profit: $156,664
• Equity at exit: $27,569

10-year hold

• IRR: 69.1%
• Equity multiple: 9.80×
• Total profit: $455,842
• Equity at exit: $15,987

Cash invested: $51,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 14207

• Home prices YoY: -18.9%
• Rents YoY: 8.2%
• Active inventory: 197
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $4,595 high
• Mortgage (P&I): −$970
• Tax from tax record: −$34 /mo · $404/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$965
• Net cashflow: $2,550

Break-even live

Break-even rent $1,367

Max offer price $184,900

Occupancy floor 40%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.5	$4,596
Total (3 units)			$4,595

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $184,900 Active 72 DOM
2. 2026-06-17
   days on market $184,900 Active 71 DOM
3. 2026-06-16
   days on market $184,900 Active 70 DOM
4. 2026-06-15
   days on market $184,900 Active 69 DOM
5. 2026-06-13
   days on market $184,900 Active 67 DOM
6. 2026-06-13
   days on market $184,900 Active 66 DOM
7. 2026-06-10
   days on market $184,900 Active 64 DOM
8. 2026-06-09
   days on market $184,900 Active 63 DOM
9. 2026-06-08
   days on market $184,900 Active 62 DOM
10. 2026-06-07
    days on market $184,900 Active 61 DOM
11. 2026-06-03
    days on market $184,900 Active 57 DOM
12. 2026-06-02
    days on market $184,900 Active 56 DOM
13. 2026-06-01
    days on market $184,900 Active 55 DOM
14. 2026-05-31
    days on market $184,900 Active 54 DOM
15. 2026-03-13
    listed $189,900 Active
16. 2002-09-25
    soldstatus $19,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $404 · $34/mo
• Projected year-2 tax: $1,764 · $147/mo
• Expected delta: +$1,361/yr (+$113/mo · 337.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,140
• − Mortgage interest: −$10,357
• − Property taxes: −$404
• − Insurance: −$924
• − Repairs & maintenance: −$4,411
• − Management: −$4,411
• − Depreciation: −$5,379
• Taxable income: $29,253
• Est. tax owed @ 24.0%: −$7,021
• After-tax cash flow: $23,576/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Buffalo City School District
• NCES district ID: 3605850
• Math proficiency: 41% ▲ 11.00%
• Reading proficiency: 40% ▲ 7.00%
• Median HH income: $31,665
• Composite: 33.17/100
• National rank: #5544
• State rank: #535 of 590 in NY

Livability — Buffalo

• Score: 77/100
• State rank: #195
• US rank: #3011

Category grades

Amenities A Commute A+ Cost of living A Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Buffalo, NY
• County: Erie County · 714,559 people
• City population: 440,021
• Metro: Buffalo-Cheektowaga, NY
• Population (ZIP): 26,327
• Household income: $39,753
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2177.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 23% Black 16% Asian 15% Two or more races 14%
• Hispanic origin (detail): Puerto Rican 18% Dominican 2%
• Common ancestry: Romanian 8% Portuguese 1% Arab 1%
• Foreign-born: 19% · Philippines, Canada, India
• Languages at home: 65% English-only · Spanish 14% Other Asian/Pacific 10% Other Indo-European 5%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.42%
• Current HPI: 233.0902
• Rent YoY: ▲ 8.19%
• Metro: Buffalo-Cheektowaga, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

+899.5% since first listed

2 events — show timeline

• 2026-03-13 Listed $189,900 WNYREIS
• 2002-09-25 Sold (Public Records) $19,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $404 · +0.0% YoY. Source: county tax records.